SAN FRANCISCO, April 3, 2023 /PRNewswire/ — The global automotive plastics market size is expected to reach 43.44 billion dollars by 2030, according to a new report from Grand View Research, Inc. The market is expected to expand at a CAGR of 5.2% from 2023 to 2030. A growing preference for high-performance plastics to replace conventional metals and rubber is expected to drive market growth.
Key industry insights and takeaways from the report:
- The growing integration of in-car entertainment and communication systems, engine electronics, advanced safety and advanced driver assistance systems is increasing the application demand for electrical components, which in turn is driving the growth of the market in North America.
- The polypropylene products segment accounted for the largest revenue share of 32.0% in 2022 and is estimated to maintain the lead during the forecast period.
- The interior furnishing application segment is expected to be the largest segment during the forecast period due to increased use of automotive interior furnishing products, including body panels and light, seat covers, steering wheels and fascia systems.
- Several strategic initiatives have been registered in recent years to drive market growth. For example, in May 2019Covestro AG announced its plan to expand polycarbonate film production capacity at its Dormagen site in Germany. The site, expected to be operational in late 2020, will manufacture PC films for applications such as automotive interiors, security cards, medical devices and automotive displays.
Read the 301-page market research report, “Automotive Plastics Market Size, Share and Trends Analysis Report by Product, by Application (Engine, Interior/Exterior Furniture, Electrical Components) , by Process, by Region and Segment Forecasts, 2023-2030,” published by Grand View Research.
Growth and trends in the automotive plastics market
The COVID-19 pandemic adversely affected automotive plastics manufacturers by halting automobile production and reducing demand for vehicles due to global financial instability. The outbreak disrupted the entire automotive supply chain on a global scale. Since the automobile market is completely dependent on vehicle sales, this outbreak affected this market significantly. However, the market grew substantially in 2021, mainly due to the increase in sales of electric vehicles and is thus expected to drive the market growth during the forecast period.
The polyurethane products segment is expected to witness significant growth during the forecast period due to its ability to infuse the characteristics of both plastics and rubber at a lower weight compared to metal and other plastic materials . Rising demand for products from the automotive industry for use in cooling insulation, interior trims, and seat cushioning is expected to drive product demand over the forecast period. In September 2021, Adient, a pioneer in automotive seating systems, and Covestor confirmed a strategic alliance. The company will integrate cardyon, a polyol made using Covestro’s CO2 technology as a self-sustaining material in the manufacture of hot-cure polyurethane foam used as cushioning in automotive seating systems.
The power train application segment is expected to witness the fastest growth during the forecast period. The growing application of plastics in power train engineering is expected to support the growth of the market in the coming years. It helps vehicle manufacturers reduce weight and integrate complex parts, which ultimately increases performance, provides greater productivity and saves costs. According to research conducted by EI du Pont de Nemours and Company, currently, plastics penetration is between 110 and 120 kilograms per car depending on engine size and region, while manufacturers are still exploring other new opportunities for use of plastics
In Asia Pacific, the market is expected to register the fastest CAGR during the forecast period. The growing automotive industry, along with the increasing population and rising disposable income of middle-class families in the emerging economies of the region, is likely to be the main driving factor in the coming years . In addition, strong government support and initiatives and increased government investment are driving the growth of the automotive industry in the region, which in turn is expected to drive demand for the product in the region In November 2021the Indian Oil Corporation (IOC) and two other public sector oil companies announced plans to build 22,000 charging stations for electric vehicles over the next three to five years.
Segmentation of the automotive plastics market
Grand View Research has segmented the global automotive plastics market based on product, process, application and region:
Automotive Plastics Market: Product Outlook (Volume, Kilotons; Revenue, Million USD, 2018-2030)
- Acrylonitrile Butadiene Styrene (ABS)
- Polypropylene (PP)
- PP LGF 20
- PP LGF 30
- PP LGF 30Y
- others
- Polyurethane (PU)
- polyvinyl chloride (PVC)
- Polyethylene (PE)
- Polycarbonate (PC)
- Polymethyl methacrylate (PMMA)
- Polyamide (PA)
- others
Automotive Plastics Market: Process Outlook (Volume, Kilotonnes; Revenue, USD Million, 2018-2030)
- Injection molding
- Blow molding
- thermoformed
- others
Automotive Plastics Market: Application Outlook (Volume, Kilotonnes; Revenue, Million USD, 2018-2030)
- drive train
- Polyethylene (PE)
- Polypropylene (PP)
- polyvinyl chloride (PVC)
- Polyurethane (PU)
- Acrylonitrile Butadiene Styrene (ABS)
- Polycarbonate (PC)
- Polyamide (PA)
- others
- Electrical components
- Polyamide (PA)
- Polypropylene (PP)
- Polymethyl methacrylate (PMMA)
- Acrylonitrile Butadiene Styrene (ABS)
- polyvinyl chloride (PVC)
- others
- Interior furniture
- Polyurethane (PU)
- Polypropylene (PP)
- Polymethyl methacrylate (PMMA)
- Acrylonitrile Butadiene Styrene (ABS)
- polyvinyl chloride (PVC)
- Outdoor furniture
- Polypropylene (PP)
- Acrylonitrile Butadiene Styrene (ABS)
- polyvinyl chloride (PVC)
- Polyurethane (PU)
- Polyamide (PA)
- Under the hood
- Polyethylene (PE)
- Polypropylene (PP)
- Polyamide (PA)
- Acrylonitrile Butadiene Styrene (ABS)
- Polyurethane (PU)
- chassis
- Polyethylene (PE)
- Polypropylene (PP)
- Acrylonitrile Butadiene Styrene (ABS)
- Polyamide (PA)
- Polyurethane (PU)
- others
Automotive Plastics Market: Regional Outlook (Volume, Kilotonnes; Revenue, USD Million, 2018-2030)
- North America
- europe
- Germany
- UK
- Italy
- France
- Asia Pacific
- china
- India
- Japan
- Southeast Asia
- Central and South America
- brazil
- Middle East i Africa
List of key players in the automotive plastics market
- BASF SE
- WISE
- Dow Inc.
- AkzoNobel NV
- Covestro AG
- Evonik Industries AG
- Borealis AG
- Royal DSM NV
- Magna International, Inc.
- Teijin Limited
Check out more related studies published by Grand View Research:
- Automotive foam market – The global automotive foam market is anticipated to reach 57.53 billion dollars by 2030, registering a CAGR of 8.1% during the forecast period, according to a new report by Grand View Research, Inc. Population growth, rising disposable income and growth in purchasing power in the emerging economies of Asia Pacific is expected to drive the demand for automobiles during the forecast period, thus impacting the automotive foam market.
- Automotive elastomers market – The global automotive elastomers market size is expected to reach 51.3 billion dollars by 2030, according to a new report from Grand View Research, Inc. It is expected to expand at a CAGR of 5.4% from 2022 to 2030. An increase in disposable income of consumers and stringent government regulations to reduce pollution are expected to drive market growth.
- Electric vehicle plastics market – The global electric vehicle plastics market size is expected to reach 13.33 billion dollars by 2030, according to a new report from Grand View Research, Inc. It is expected to expand at a CAGR of 27.5% during the forecast period. The industry is expected to witness significant growth in terms of consumption, owing to the high scope of application and increasing demand from the growing population. The demand for polypropylene resin (PP) in the Asia Pacific The region is estimated to grow at the fastest CAGR during the forecast period. Strong government support and initiatives on emissions and increased investment by manufacturers are driving growth in the region.
Browse through Grand View’s investigations Industry of plastics, polymers and resins Research reports.
About Grand View Research
Grand View Research, a US-based market research and consulting firm, provides individualized and customized research reports and consulting services. Registered in California and based in San Francisco, the company has more than 425 analysts and consultants, adding more than 1200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries in 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and measure the opportunities ahead .
Contact:
Sherry James
Specialist in corporate sales, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
E-mail: [email protected]
Website: https://www.grandviewresearch.com
Grand Vista Compass | Astra ESG solutions
Follow us: LinkedIn | Twitter
Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg
SOURCE Grand View Research, Inc.
